Neology Scores $58M Loan for Allapattah Housing Development
By Mark Hallum August 31, 2022 8:00 am
reprints
Give Lissette Calderon an (Alla)pattah on the back.
Dad jokes aside, development of 237 units at 1470 NW 36th Street in the Miami enclave can now commence as Neology Life Development Group has secured a $57.5 million construction loan through Churchill Real Estate.
The funding means Neology, which Calderon leads as CEO, can continue building up its South Florida portfolio, specifically in the up-and-coming Allapattah, where Neology has up to 1,500 units coming online to feed the voracious demand for housing as transplants pour into Miami.
“It further establishes Neology’s commitment to Allapattah as the preeminent multifamily developer in the neighborhood,” Calderon said in a statement. “It also demonstrates our partners’ confidence in our business model and track record. Everything about this project – from the opportunity zone location to the attainable lifestyle component – makes good financial sense in today’s market.”
Berkadia negotiated the terms of the loan on behalf of Neology to build the development which, upon completion in 2024, will be dubbed Fourteen Allapattah Residences and include 5,000 square feet of ground-floor retail space, according to Neology.
“Our client Neology continues to dominate the Allapattah skyline with an innovative team and projects whose ‘attainable luxury’ concept serves the needs of the community and integrates nicely within it,” senior managing director Charles Foschini said in a statement. “While the market continues to be extremely volatile, the lender recognized the strength of the sponsor, Neology’s track record in Allapattah, where this is its third project, and Lissette Calderon’s personal vision for the evolution of the Allapattah community.”
In the joint venture, Neology partnered with America Opportunity Zone Advisors, led by Peter Linneman, a former Wharton professor and head of Wharton Real Estate. Linneman did not immediately respond to a request for comment.
Calderon has set her sights on Allapattah for some time now, telling Commercial Observer last year that Miami’s Health District — and the jobs it brings — is within easy reach, and nearby transit lines mean residents can get around.
“This is the second-largest Health District after Houston. You’ve got over 46,000 people who work within the Health District every single day, and there really was not a lot of housing inventory for them, if they wanted to live close to their places of employment,” Calderon told CO at the time. “So it felt like that was just an incredible opportunity for attainable lifestyle-driven housing.”
Neology has enlisted the help of JAXI Builders for the construction, as well as architecture firm Behar Font and interiors by designBAR.
Mark Hallum can be reached at mhallum@commercialobserver.com.
